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Economic Coordination Committee

Audit report reveals PIA failed to recover over Rs20 billion dues

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Audit report reveals PIA failed to recover over Rs20 billion dues

The national flag carrier, Pakistan International Airlines (PIA), has failed to recover more than Rs20 billion in pending dues, according to an audit report issued in December 2024. The report stated that PIA has not been able to collect Rs 20.39 billion in receivables. The Auditor General of Pakistan raised serious concerns about the airline’s … Read more

ECC approves gas price increase for industries

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ECC approves gas price increase for industries

The Economic Coordination Committee (ECC), under the chairmanship of Finance Minister Muhammad Aurangzeb, has approved an increase in gas prices for industries while rejecting a proposal to raise prices for domestic consumers. In a meeting held in Islamabad, the ECC gave the green light to raise the gas tariff for captive power plants by Rs. … Read more

ECC approves over Rs4bn for various ministries, divisions

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ECC approves over Rs4bn for various ministries, divisions

ISLAMABAD: The Economic Coordination Committee has approved over four billion rupees for various ministries and divisions. The ECC, which met in Islamabad today with Finance Minister Muhammad Aurangzeb in the chair, allowed 2.363 million rupees for the payment of troops, costs and subsistence allowance. It also nodded 200 million rupees for the Intelligence Bureau Division … Read more

Local Car Prices May Rise in Pakistan Due to Potential Sales Tax

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Local Car Prices May Rise in Pakistan Due to Potential Sales Tax

The ECC approved a proposal to raise the sales tax on locally made vehicles. The decision was made during a meeting led by Federal Minister for Finance,. The ECC standardized the criteria for implementing a higher 25% sales tax rate. The Economic Coordination Committee (ECC) of the Cabinet has approved a proposal from the Federal … Read more

ECC approves mechanism for average price of urea

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ECC approves mechanism for average price of urea

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved a mechanism for the weighted average price of urea, directing the National Fertilizer Marketing Limited (NFML) to ensure a reasonable price for the commodity and the Ministry of Industries and Production to provide oversight to the whole process. The ECC meeting presided over … Read more

ECC calls for ensuring affordable fertilizer’s rates for farmers

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ECC calls for ensuring affordable fertilizer’s rates for farmers

ISLAMABAD: The Economic Coordination Committee (ECC) has directed the relevant Ministries to work with Provinces to ensure availability of fertilizer to farmers at notified rates. During today’s meeting of the ECC that was held in Islamabad with Finance Minister Dr. Shamshad Akhtar in the chair, it was also directed that strict actions be taken against … Read more

Govt approves imposition of additional electricity surcharges to meet IMF’s demand

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IMF

ECC has approved a surcharge of Rs 335 billion for electricity consumers. Power tariffs would rise by Rs 1.55 per quarter. A uniform tariff for K-Electric customers is also being considered. The Government of Pakistan agreed to the International Monetary Fund‘s (IMF) demand on Wednesday and imposed a permanent electricity tariff of Rs3.23 per unit … Read more

ECC fixes Rs 3,900 wheat price, approves Ramazan relief package

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ECC fixes
  • The ECC meeting was chaired by Finance Minister Ishaq Dar.
  • Ramazan Relief Package consisting of 19 items for Utility Stores.
  • The government would provide an Rs4.99 billion subsidy.

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet  approved the Ramazan Relief Package and a uniform procurement price of wheat crop 2022-23 at Rs3900/40 kilogram.

According to a press statement, the summary regarding wheat procurement price was tabled by the Ministry of National Food Security and Research before the ECC meeting, which was presided over by Finance Minister Senator Ishaq Dar.

The ECC also approved a hybrid model of the Ramazan Relief Package (Targeted and Un-targeted) consisting of 19 items for Utility Stores Corporation, budgeted for Rs5 billion. The summary was moved by the Ministry of Industries and Production.

The federal government has decided to provide 19 staple food items at prices lower than the open market under Ramazan Relief Package. The government would provide an Rs4.99 billion subsidy on 19 necessary items in Ramazan, which is lower than last year’s Rs8.28 billion package – a reduction of Rs3.28 billion.
It has been proposed to divide the Ramazan package into targeted and untargeted subsidies. The subsidy will be allocated to people who are registered in the Benazir Income Support Programme (BISP) in Utility stores.
Under the package, an Rs100 per kg subsidy has been proposed for ghee and tea, Rs51.92 per kg for flour, and Rs30 for sugar, milk, and beverages. Meanwhile, it has been proposed to provide Rs50 per kg subsidy on dates and Rs25 on oil.

Moreover, an Rs20 subsidy is likely to be provided for pulses and rice. However, an Rs27.12 per kg subsidy will be provided for citizens – who are not beneficiaries of the Benazir Income Support Programme (BISP).

On the occasion, the Ministry of Energy (Power Division) submitted a summary on Uniform Tariff for K-Electric at par with XWDICSOS 2nd Quarter 2021-22. The ECC approved tariff rationalization for K-electric by way of adjustments on the consumption of July 2022 to September 2022 and to recover from consumers from March 2023 to May 2023 respectively.

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ECC approves hike in prices of 18 drugs

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ECC approves hike in prices

The ECC of the Cabinet approved an increase in the prices of 18 drugs. The ECC considered a summary of the Ministry of National Health Services. It also approved DPC recommendation to reduce MRPs of 20 drugs. The Economic Coordination Committee (ECC) of the Cabinet approved an increase in the prices of 18 drugs, which … Read more

PSX remains bullish, as govt vows to meet IMF conditions

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PSX remains bullish

Pakistan equity market witnessed a strong rally on Wednesday. The benchmark KSE-100 Index reached an intraday high of 39,946 points. The market resumed with the same optimistic outlook as the previous closing. KARACHI: the Pakistan equity market witnessed a strong rally on Wednesday, despite prevailing political turmoil, as bullish momentum was fuelled by the prime … Read more

ECC reduces take-or-pay commitment for RLNG plants

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ECC reduces take-or-pay commitment for RLNG plants

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved the proposal of the Power Division to fix the minimum take-or-pay commitment for three public sector regasified liquefied natural gas (RLNG) power plants at 33 per cent under the power purchase agreement (PPA) and gas supply agreement (GSA) to guard the interests of … Read more

Economic Coordination Committee approves urea import from China, Azerbaijan

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Economic Coordination Committee

The Economic Coordination Committee (ECC) of the Cabinet allowed the Trading Corporation of Pakistan (TCP) to import 125,000 tonnes of urea from China. The meeting also approved the technical supplementary grant of Rs115 million in favour of the Ministry of Housing and Works. ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Friday allowed … Read more

ECC approves subsidised electricity tariff for export-oriented industries

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Electricity K-Electric

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved subsidised electricity tariff of Rs19.99/kWh for the export-oriented industries from October 1 till June 2023. Federal Minister for Finance and Revenue Ishaq Dar presided over the meeting of the ECC on Monday On a summary from the Ministry of Commerce to keep the export-oriented … Read more

MPIMA demand “cruel” policy on smartphone industry be repealed

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MPIMA

The MPIMA has asked for the cancellation of the 100% cash margin and prior approval from the central bank on import LCs (letters of credit). They also requested that the R&D allocation be increased to 8-10% and that an SRO be issued for a New Duty Drawback Scheme on local mobile phone production. The Mobile … Read more

Hot stocks

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kohat

The Hub Power Company Limited’s (Hubco) profitability declined in the outgoing quarter, primarily due to lower share of profits from China Power Hub Generation Company (CPHGC) and the absence of debt servicing revenue from the Narowal Energy Limited. The management updated that the affected unit of CPHGC has returned to service from January 6, 2022. … Read more

ECC allows barter trade with Iran and Afghanistan

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ECC

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has allowed barter trade with Iran and Afghanistan and extended subsidies on five essential commodities till March. Federal Minister for Finance and Revenue Shaukat Tarin, presided over the meeting of the ECC on Thursday, where the Ministry of Commerce presented a summary for grant of regulatory … Read more

ECC approves cost sharing formula for imported urea

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ECC

KARACHI: The Economic Coordination Committee (ECC) of the Cabinet approved the cost estimates for the import of urea on a cost sharing basis of 50:50 among the federal and provincial governments. Federal Minister for Finance and Revenue Shaukat Tarin presided over the meeting on Thursday, where the committee approved the cost estimates for import of … Read more

ECC allows 50,000 tonnes urea import from China

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ECC

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday allowed urea import of 50,000 tonnes from China. Federal Minister for Finance and Revenue Shaukat Tarin presided over the meeting, where a summary for the import of urea from China was tabled by the Ministry of Industries and Production. The committee tasked the Trading … Read more

ECC approves Textile and Apparel Policy 2020/25 with certain conditions

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ECC

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet approved the summary presented by the Ministry of Commerce on Textile and Apparel Policy 2020/25 with the directives to incorporate inputs of the Federal Board of Revenue (FBR) and the Finance Division and meet the observations of the Power Division. Federal Minister for Economic Affairs Omar … Read more

Unisame dismayed over delay in SME Policy

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Unisame

KARACHI: The Union of Small and Medium Enterprises (Unisame) has expressed dismay over the continuous delay in the approval of the SME Policy, a statement said on Saturday. Unisame president Zulfikar Thaver said that perhaps the real reason is that the Economic Coordination Committee (ECC) does not have funds to implement the Small Medium Enterprises … Read more

Minister for provision of level-playing field to all pre-qualified bidders

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Minister for provision

ISLAMABAD: Federal Minister for Privatisation Mohammedmian Soomro has said that a level-playing field is being provided to all the prequalified bidders for ensuring utmost transparency. Chairing a second pre-bid meeting of Heavy Electrical Complex (HEC), he said the transaction of HEC is in its concluding stage and “we are resolving the pending matters related to … Read more

$17.3mn approved to clear Roosevelt Hotel’s liabilities

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Roosevelt-Hotel-PIA

The Economic Coordination Committee (ECC) of the cabinet on Wednesday permitted $17.3 million funding to clear the Roosevelt Hotel’s liabilities. A meeting of the ECC chaired by Finance Minister Shaukat Tarin has also approved Rs 274 million grant for state televisions and news agencies. It was decided in the meeting to provide additional wheat to … Read more

The government has paid IPPs the first instalment of nearly Rs 89 billion

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government has paid IPPs

Following Prime Minister Imran Khan’s directions, the government has paid IPPs. The Finance Division has announced that 20 IPPs have been paid Rs89.2 billion as the first instalment of the payment. The State Bank of Pakistan, Power Division, and other related departments finalized the payment to the power producers. Tabish Gauhar, Special Assistant to the … Read more

ECC Approves Rs11.7 Billion for Establishment of mother, child hospitals in Punjab

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Hammad Azhar

The Economic Coordination Committee (ECC) has on Wednesday approved 11.7 billion rupees as the share of the Federal Government for the establishment of four mother and child hospitals in Punjab.

The ECC meeting was chaired by Federal Minister for Finance and Production Hammad Azhar alongside Minister for Planning, Development Asad Umar and others in Islamabad.

The ECC has granted approval to the withdrawal of Customs Duty on import of Cotton Yarns to assure a smooth supply of cotton and cotton yarns to the value-added industry and to bring down the gap between domestic production and overall demand for the inputs.

The Committee also gave approval of the Monthly Production Plan as a cost-effective solution, enabling the Power and Gas purchasers to make requisite purchases in line with actual requirements instead of following a fixed arrangement.

The ECC also approved a Technical Supplementary Grant for Finance division amounting to Rs.11.7 billion as the share of the Federal Government for the establishment of four mother and child hospitals in Punjab.

Earlier, the newly-appointed Finance minister Hammad Azhar held a meeting with the Country Director of World Bank Group Najy Benhassine to discuss overall financial matters.

While speaking on the occasion, Finance Minister Hammad Azhar reiterated the firm commitment of the Government in implementing the reform agenda.

He also lauded World Bank’s IDA financing for the Crisis-Resilient Social Protection (CRISP) Program and appreciated the World Bank’s funding for Prime Minister’s Green Stimulus Initiative to boost green jobs for workers who have been laid off during COVID-19.

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Federal Cabinet says ‘No’ to ECC’s suggestion of importing sugar, cotton from India

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Federal Cabinet

The Federal Cabinet meeting headed by Prime Minister Imran Khan, on Thursday has rejected a proposal by the Economic Coordination Committee (ECC) to allow the import of sugar and cotton from India. According to the details, the meeting of the Federal Cabinet is in progress to discuss the overall political and economic situation of the … Read more

PM Imran interdicts authorities from hiking up ghee prices

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Ghee Price Hike

Prime Minister Imran Khan has on Wednesday (today) directed the concerned authorities that ghee price will not surge in Utility Stores across the country.

According to sources, after the premier’s direction about the ghee prices, the finance minister said, “Ghee is people’s basic necessity; its price should not be increased.”

Sources further added that Ghee prices have witnessed a hike at Utility Stores under the Ramadan package.

Earlier in the day, the Economic Coordination Committee (ECC) has approved the Ramadan relief package worth Rs 7.60 billion.

The amount will be granted to the utility stores in an attempt to provide relief to the masses during the Holy month of Ramadan.

Finance Minister Abdul Hafeez Sheikh on Wednesday chaired the meeting of ECC in which the package was approved.

Under the package, Rs 7.60 billion will be supplied to utility stores. Rs1.30 billion will be given as a subsidy on ghee, after which ghee will be available at Rs170 per kg at utility stores during Ramadan.

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ECC Approves Rs 7.60 billion Ramadan Relief Package and Other Grants

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Ramadan relief package

The Economic Coordination Committee (ECC) on Wednesday approved the Ramadan relief package worth Rs 7.60 billion. According to the details, the amount will be provided to the utility stores in a bid to provide relief to the masses during the Holy month of Ramadan. A meeting of the Economic Coordination Committee was held under the … Read more

ECC approves 8 mmcfd gas supply to SSGCL

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ECC meeting

The Economic Coordination Committee (ECC) meeting was chaired by Finance Minister Abdul Hafeez Shaikh here on Wednesday (today).

The ECC has approved the provision of Rs141 million funds to the Ministry of Information and Broadcasting for running COVID-19 advertisement campaign.

According to sources, a grant worth Rs400 million was approved for the maintenance of helicopters.

The grant for Rs5 million was approved for the maintenance of helicopter of Rangers Punjab, Rs10 million for the helicopter of Frontier Corps (FC) Khyber Pakhtunkhwa (KP) and Rs25 million for FC Balochistan.

Furthermore, the meeting also decided to provide financial resources to the information ministry for running an advertisement campaign regarding coronavirus pandemic.

Rs141 million funds will be provided to the information ministry for COVID-19 ad campaign, sources added.

An extension in the lease of Pakistan Quarters of Ministry of Housing was approved by ECC.

The committee approved 8 mmcfd gas supply to SSGCL from Saqib-A1 gas field, sources added.

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